TORONTO, Nov. 14 /PRNewswire-FirstCall/ -- Goldbelt Resources Ltd. is pleased to announce results from its initial drill program at the Mandiasso and Diosso licenses in the Bougouriba region within the Hounde Greenstone Belt in southwest Burkina Faso. Location of the holes was limited by accessibility due to the wet season and by ground occupation by artisanal gold mining workings. The holes were designed to test gold distribution in the following 6 structures outlined by the workings: Mandiasso - Kueredougou 2, Kyen and Kyen East with a total of 1194 meters drilled. Diosso - Diosso Village, Diosso South and Kueredougou 1 with a total of 818 meters drilled Mineralization was found within the sheared volcanic rocks or at the sheared contact of the sediments. Depth of the alteration varied from 0-15m in the sheared volcanics, and to over 60m in the sheared sediments. Sampling was undertaken in 4m composites with 1m re-sampling completed on composites with returned gold values higher than 0.1g/t. The intersections encountered during this program and based on the re-sampling confirm the presence of parallel zones of mineralization as evidenced by artisanal workings in the area. Targets at Mandiasso and Diosso were developed from surface grab sampling, conducted earlier this year, and results of which were reported on May 23rd. Significant intersections were as follows: ------------------------------------------------------------------------- Hole Id. Coordinates(x) Interval Width Grade g/t SUMMARY ------------------------------------------------------------------------- MANDIASSO ------------------------------------------------------------------------- MDRC 001 403745 1196560 35-39 4 4.08 /t from 35 to 39m ------------------------------------------------------------------------- MDRC 002 403765 1196560 76-86 10 4.75 /t from 76 to 86m ------------------------------------------------------------------------- 92-95 3 1.86 /t from 92 to 95m ------------------------------------------------------------------------- MDRC 003 403795 1196720 74-81 7 2.05 /t from 74 to 81m ------------------------------------------------------------------------- 86-91 5 0.74 /t from 86 to 91m ------------------------------------------------------------------------- MDRC 004 403815 1196720 93-95 2 3.37 /t from 93 to 95m ------------------------------------------------------------------------- MDRC 010 406240 1204195 33-35 2 1.05 /t from 33 to 35m ------------------------------------------------------------------------- 60-63 3 5.7 /t from 60 to 63m ------------------------------------------------------------------------- DIOSSO ------------------------------------------------------------------------- DSO RC 001 403695 1196200 49-55 6 4.82 /t from 49 to 55m ------------------------------------------------------------------------- DSO RC 003 403630 1196000 52-54 2 1.03 /t from 52 to 54m ------------------------------------------------------------------------- 63-65 2 1.95 /t from 63 to 65m ------------------------------------------------------------------------- DSO RC 004 403650 1196000 74-78 4 2.86 /t from 74 to 78m ------------------------------------------------------------------------- 89-92 3 1.8 /t from 89 to 92m ------------------------------------------------------------------------- DSO RC 006 401300 1190220 15-19 4 0.75 /t from 15 to 19m ------------------------------------------------------------------------- 30-33 3 0.75 /t from 30 to 33m ------------------------------------------------------------------------- 58-61 3 5.92 /t from 58 to 61m ------------------------------------------------------------------------- DSO RC 008 401035 1189825 87-89 2 7.77 /t from 87 to 89m ------------------------------------------------------------------------- Note that the drill widths presented above are drill intersection widths and may not represent true widths. Collin Ellison, President & CEO stated "Goldbelt is very pleased with these initial results and plans additional test work after the rainy season. We will be undertaking an IP program in the area in order to assess the size of the mineralization and the number of parallel systems contained therein. Further reverse circulation drilling will be undertaken on targets as defined by the program, and diamond drilling will help in understanding the geological mineralization. The Mandiasso and Diosso tenements are 80km south southwest from our Hounde licenses, and Goldbelt sees potential for a new mining center comprising Karba and the other Hounde tenements along with these at Bougouriba." Collin Ellison, President and CEO, is the qualified person and has reviewed the results, sampling procedures and data contained in this release. GOLDBELT RESOURCES LTD. Per: "Collin Ellison" Collin Ellison, President and CEO The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements contained in this disclosure document constitute forward-looking statements which are not historical facts and are made pursuant to the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. When used in this document, words like "anticipate", "believe", "estimate" and "expect" and similar expressions are intended to identify forward-looking statements. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties. The United States Securities and Exchange Commission permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this disclosure document such as resources that are prescribed by Canadian regulatory policy and guidelines but are not provided for in the SEC guidelines on publications and filings. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements. DATASOURCE: Goldbelt Resources Ltd. CONTACT: For further information, please visit the Company's website http://www.goldbeltresources.com/ or contact Laura Sandilands, Investor Relations or Collin Ellison, President and CEO at (416) 364-0557 or by email

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